LAGOS, Nigeria — Transnational Corporation Plc (Transcorp) recorded a pretax profit of N50.6 billion for the first quarter of 2026, a 2.55 percent increase from N49.4 billion a year earlier, even as group revenue declined amid repeated grid collapses that curtailed power generation.
Okay News reports that revenue for the period ended March 31, 2026 settled at N125.1 billion (approximately $83.4 million), down from N143.7 billion in the first quarter of 2025, according to the group’s filing on the Nigerian Exchange.
The power business remained the dominant revenue driver, contributing N79.1 billion from energy sales and N23.5 billion from capacity charges, together accounting for about 82 percent of total revenue. The hospitality arm generated N15.7 billion in room revenue.
Cost of sales fell to N54.5 billion from N70.3 billion, leaving gross profit at N70.5 billion compared with N73.3 billion in the corresponding period of 2024. Operating profit declined 7.59 percent to N50.1 billion.
A sharp recovery in net finance income — a swing from a N4.2 billion loss in the first quarter of 2025 to a N1.2 billion gain — helped cushion earnings. Foreign exchange losses on financing activities rose 26.22 percent to N793.6 million. After a tax charge of N12.7 billion, profit after tax stood at N37.8 billion, with earnings per share improving to N2.16 from N1.92.
Total assets expanded to N1.07 trillion from N1.002 trillion. Trade and other receivables of N598 billion represented the largest asset class, while property, plant and equipment stood at N311.3 billion. Equity strengthened to N392.8 billion from N353.3 billion, supported by retained earnings of N203.1 billion. Total liabilities rose to N517.2 billion from N502.4 billion, largely driven by trade and other payables.
Transcorp shares, trading at N47.10, have returned 3.74 percent year‑to‑date on the Nigerian Exchange.
